COMMISSION REBATING

I launched Intelligent Money in February 2003 to tackle a fundamental flaw at the heart of UK financial services - the morally indefensible practice of deducting around £5 billion a year from people's pension and investment products to pay ‘renewal’ or ‘trail’ commissions to financial advisers who had long ago stopped providing any ongoing service.

As there was no way of turning this off I arrived at a very simple solution whereby Intelligent Money was appointed as the new intermediary for these products, thereby receiving the commissions, rebating the money back to each client.

Widespread media attention immediately followed with thousands of clients registering for the service, which continued until the 2012 implementation of the Retail Distribution Review (RDR), when the regulator finally abolished commission and replaced it with adviser charging.